What are attacks on PoW?

This attack's effectiveness hinges on the attacker's ability to dominate a significant portion of the blockchain's hash rate. By gaining control over more than half of the hashing power, the attacker can potentially rewrite the blockchain's history and confirm fraudulent transactions.

The 51% attack is a notorious form of assault on public Proof of Work (PoW) blockchains. Its primary objective lies in executing a double spend, a nefarious act that involves spending the same Unspent Transaction Output (UTXO) twice.

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The name "51% attack" stems directly from this requirement, emphasizing the threshold of hash rate control necessary to mount a successful assault. It underscores the vulnerability inherent in decentralized networks where mining power can be concentrated in the hands of a few.

In a 51% attack scenario, the attacker creates a parallel blockchain with a longer chain, effectively reversing previous transactions and enabling the double spend. This is achieved by secretly mining blocks and withholding them from the main network until the attacker's chain surpasses the legitimate one.